Business Decision Making | Kitchen Ltd Assignment
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Added on 2020-02-12
Business Decision Making | Kitchen Ltd Assignment
Added on 2020-02-12
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BUSINESS DECISIONMAKING
INTRODUCTIONDecision in the business is important as this would enhance the existing skills andcapabilities of the business. Kitchen Ltd business has opted by this project report which is allabout conducting market research in order to open new division of building bathroomequipments. This project is all about using various statistical measures like mean, median andmode in order to assess the accuracy of the collected data in the business project sake. Projectmanagement tools and capital budgeting tools and techniques in order to test the viability of theprojects.TASK 11.1 Prepare collection of data Collection of data is regarded as important framework need to be prepared by an entitybefore approaching for market survey (Stingl and Geraldi, 2017). The data plan is essential as itacts like a compass who directs right path to an individual in order to reach their actualdestination. It prescribes various methods and techniques to be choose by the business incollecting facts and information in order to support the aim of the business entity. This is thatapproach which helps in enhancing the overall value of the existing brand image of the firm as inthis process representatives of the business will more interact with all the customers.Primary data- Counselors who are appointed on behalf of the firm will present the transparentactions of the business entity in collecting important information. Questionnaires are used ascommon method under the primary collection of data in which respondents will ask questionsdirectly to all the customers by visiting streets, shopping destinations in order to collectimportant information to fulfill the variety of goals and the objectives of the business entity.Secondary data- Books and journals are accessed I order to find the fashionable trend runningcurrently in the market as in the modern world technology has rules the overall market.Automatic tap is one of the innovative product to be uses in the bathroom of an individual inorder to give lavish look too the whole bathroom (He, Wang and Akula, 2017). An entity needsto give focus on small items of the bathroom such as one tap shower, bathtubs, toilets, washbasins. Adding fragrance to the bathroom is to be given as complimentary service in whichfragrant tiles will be placed in the bathrooms to change the whole ambience.
1.2 Survey methodologyMethodology is regarded as one of the important tool which directs the whole researchstudy to another level towards the achievement of all the goals and the objectives. Surveywithout methodology is like ship without compass as the researcher will have no particulardirection to shift their whole study which will result into termination of the study. Researchapproaches will be designed by an individual in order to achieve the desired aim and theobjectives currently framed by the business concern (Bowie, 2017). It is essential for anindividual in convening their research process as objectives of the research study will guide auser in order to divert their study in order to earn all the objectives by gathering importantinformation.Sampling frame is that technique in which specific samples will be collected in order to achievall the goals and the objectives as the whole population are assessed by taking consent of severalpeoples such as households, individuals and sellers currently deals in offering kitchen Ltdproducts to its variety of customers.Random sampling- It is that approach in which random samples are picked by an individual outof the total population which gives equal chance to all the users to be selected in this analysis.The samples related to the opinion of all the customers will be selected which will help anindividual to get reliable data.Cluster sampling- It is that form of sampling method in which the data will be collected by anindividual into different categories which help an individual in order to get right amount of datawithout spending lots of time searching out for the data. Quality of the products will be formedas one of the category under which all the information will be gathered this would help an entityin order to know the perspectives of all the customers in relation to the quality of the productscurrent deals by an enterprise.1.3 Design questionnaireQuestionnaireName-________________GenderMaleFemaleTransgender
How old are you?20-35 years old35-45 year old45-60 years oldWhat is your monthly income?£10K-£20K£20K-£30K£30K-£40KWhat is your ideal family size out of the given below options?Nuclear FamilyJoint FamilyWhat is the size of your bathroom?10 Amp20 Amp30 AmpWhich is your favorite colorRedWhiteYellowBlueOrangePlease specify any other color you like________________Which of the following material you wish to select for your bathroom?MarbleLeninFiber glassSyntheticWhich factors influence your decision while buying materials for your bathroom?Quality of materialAttractive lookPrice of material used in the bathrooms
Please mention the details of current seller of bathroom equipments____________________________________________________Are you satisfied with the seller who provides bathroom Material?YesNoTell me the reasons of dissatisfaction buying material from our current seller?_______________________________________________Mention your personal requirements of additional things to be included in your bathroomspecifically. ___________________________________________How often you purchase bathroom items?Once a yearEvery 2 years2-6yearsMore than 6 yearsDo you purchase any product from Kitchen design ltd?Yes NoWhich method do you prefer while purchasing bathroom items for building your favoritebathroom?OnlineStorePlease give your suggestions in improving the services offered by Kitchen designLtd________________________________TASK 22.1 Summarize dataMonthsCountry(000 £)Minimalist(000 £)
January90430February80360March130350April170350May240320June280330July290310August310300September300300October180370November140400December90420CountryMean191.6667Standard Error25.49014Median175Mode90StandardDeviation88.30045SampleVariance7796.97Kurtosis-1.74034Skewness0.127255Range230Minimum80Maximum310Sum2300
Count12MinimalistMean353.3333Standard Error12.92949Median350Mode350StandardDeviation44.78907SampleVariance2006.061Kurtosis-0.88665Skewness0.508594Range130Minimum300Maximum430Sum4240Count122.2 Analyze the resultsMean- Mean in common parlance is an average of information divided by total number ofobservations recorded by an individual (Cumulative Frequency, Quartiles and Percentiles. 2014).It is important technique used by the researchers as this is important measurement of centraltendency used in determining trend of sales to be earned by the business in particular months toimprove the yearly performance. Mean is higher in minimalist sales lines as compared to itsother products.Median- Another important component of measures of central tendency will help in dividing thewhole data set into two equal size segments. This determines the middle position of the dat valueset which depicts the middle point of the data which guides an enterprise in order to achieve
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